FatMan At It Again, Explaining Everything About Terra wLUNC airdrop To The Community.
For some time now, the Terra community has been a zone of discomfort, especially since the crash of LUNA and UST.
The launch of Terra 2.0 didn’t help much because it was plagued by issues of errors in LUNA airdrop. A lot of people claim that they didn’t get the amount of LUNA airdrop they were supposed to. Terra, on its part, admitted to this error and promised to come up with a plan to rectify the issue. That is yet to happen.
On the other hand, there’s this guy on Twitter, FatMan, who seems to have dedicated his time to digging up information about Terra and the people behind it as well as what actually happened to the ecosystem.
While Terra founder Do Kwon and his team have often been accused of ignoring the community, there are those independent characters who have chosen to take up the mantle. In a recent Twitter thread, FatMan took the time to explain to the community about the coming Wrapped LUNA Classic On Ethereum airdrop.
Buying LUNA Won’t Get You Airdrop
First, buying LUNA now won’t entitle the holders to any airdrop. Neither holding wrapped LUNA entitles the holders to a 1:1 redemption with the new LUNA tokens.
For purposes of clarity, holders of Wrapped LUNA Classic (LUNC) holding on the Ethereum network are entitled to the LUNA 2 airdrop, but only if they had bought it before the account snapshots were taken before and after the crash.
The LUNA airdrop will be conducted according to the snapshots taken as covered in the original Terra 2.0 proposal.
According to Fatman:
“All of these LUNA variants (including Wrapped LUNA Classic on Ethereum) will receive the LUNA 2 airdrop at a later date – Terra devs are currently indexing all of these chains.
The airdrop will be based on the snapshot blocks from the original proposal, so buying wLUNA now will not entitle you to the airdrop. Holding wLUNA does *not* entitle you to 1:1 redemption of new LUNA. Rather, you can sell wLUNA on Uniswap (roughly worth the same as LUNC).”
Since I get asked about wLUNA so much, here's an update for everyone. All of these LUNA variants (including Wrapped LUNA Classic on Ethereum) will receive the LUNA 2 airdrop at a later date – Terra devs are currently indexing all of these chains – it's hard work! (1/2) pic.twitter.com/1naeYylFb6
— FatMan (@FatManTerra) June 7, 2022
It’s Up To Coinbase To Give Users LUNA Or Not
Users who had their original LUNA tokens in exchanges took their account snapshots. They got airdrop after Terra 2.0 was launched. However, there seems to be an issue with those on Coinbase.
According to FatMan, investors who had held wLUNA on Ethereum, including those on Coinbase, will be entitled to the coming LUNA airdrop. However, it’s not a foregone conclusion that Coinbase will pass the tokens on to them. FatMan opines that it will be up to Coinbase to decide.
“wLUNA holders on Ethereum will get the airdrop. This includes Coinbase. Whether Coinbase decides to pass their airdrop onto users or not is something that only they can answer.”
wLUNA holders on Ethereum will get the airdrop. This includes Coinbase. Whether Coinbase decides to pass their airdrop onto users or not is something that only they can answer.
— FatMan (@FatManTerra) June 7, 2022
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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